OPEC will cut production by 2 million barrels a day, likely sending gas and oil prices back up 
Just in time for the midterms and return of the 
stickers
Reddit pissing and shidding rn https://www.reddit.com/search/?q=opec&sort=comments&restrict_sr=on&t=day&feature=legacy_search
The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a year of tumult at the pump.
In its statement announcing the cuts, the OPEC+ alliance cited the "uncertainty that surrounds the global economic and oil market outlooks.”
It represents the largest cut in production since the start of the pandemic.
In a statement, the Biden administration said it was disappointed in the decision, calling it “shortsighted” in light of global energy prices already lifted higher by Russia’s invasion of Ukraine.
“At a time when maintaining global supply of energy is of paramount importance, this development will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,” it said.
The decision by the oil cartel and its allies, announced in Vienna, comes after the price of oil and gas spiked this summer amid the Russian invasion of Ukraine. Prices trended downward from July to mid-September, as President Joe Biden sought to reduce gas prices, and stress on Americans’ wallets, ahead of the midterm elections.
Capital Economics research group now expects global oil prices to rise from about $93 to $100 per barrel, with U.S. benchmark prices rising from $88 to $92. At the outset of Russia's invasion of Ukraine, global oil prices had climbed to as much as $128.
"We had always expected supply growth to slow later this year and into 2023, but this latest OPEC+ action has re-enforced our view that prices will end the year a little higher," Caroline Bain, chief commodities analyst for Capital Economics, said in a note following the Wednesday announcement.
U.S. gas prices had already been trending higher in recent weeks amid increased demand and refinery issues in the U.S. The average price of a gallon of gas on Wednesday was $3.83, the highest since late August.
“The regional differences in gas prices are stark at the moment, with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas,” Andrew Gross, an AAA spokesperson, said in a statement Monday.
At least six California refineries are undergoing maintenance, Gross said, and there is limited pipeline supply to the West Coast from locations east of the Rockies.
Political analysts have observed a strong correlation between gas prices and Biden's approval rating, as voters home in on gas prices as a proxy for inflation and thus the state of the economy.
Wall Street analysts say the Biden administration could counter OPEC's move by releasing stocks from the U.S.'s strategic petroleum reserve, and even boosting the so-called NOPEC bill that would penalize other oil producing states by opening them up to antitrust suits.
OPEC+, whose de facto leader is Saudi Arabia, is comprised of 13 oil-exporting countries and 11 nonmember allied countries, including Russia.
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Will the US increase domestic production?(hint: no)
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The US is already increasing and never stopped.
Either way the global price would still go up.
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Yeah but the fact that the US, who produces enough oil for itself, is subject to opecs whims is dumb.
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Homie that's basic supply and demand, unless you advocate the US not buying or selling any oil or oil derivatives this is inevitable. It's a part of the market whether it's a net exporter or not.
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I'm not advocating for the US completely closing itself off from the world, but the fact that we don't look out for ourselves first is r-slurred. The US produces more then it consumes, the average American shouldn't be suffering because OPEC slows production to drive demand.
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That's how a free market works, unless you implement strict export controls or extreme subsidies this is literally unavoidable.
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The free market is a fallacy. It's an imaginary construct created by capitalists to justify their exploitation of workers.
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You say it like its a bad thing, bbbb
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Yeah well maybe it is, you idiot.
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Wow based
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Don't try to come for me with your weak butt attempts at an insult. You just sound stupid.
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Commie cope
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Congratulations on your insightful and well-reasoned political analysis!
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It's a global market you fricking r-slur, nothing the US can do will change that.
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Correct- the problem is lack of incentive to develop new production. If the government removed a massive global market, what do you think domestic producers would do?
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That's exactly what I just said, what's your point with that question
That's a near-unthinkable extreme for the foreseeable future
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We don't produce enough for ourselves lol.
And again the price would still go up as global supply would be lower.
Most US refineries are set up to process shitty canadian oil as far as I know.
You'd have to go back to an export ban on oil and last time that happened was a disaster.
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https://www.nasdaq.com/articles/america-produces-enough-oil-to-meet-its-needs-so-why-do-we-import-crude#:~:text=The%20U.S%20does%20indeed%20produce%20enough%20oil%20to%20meet%20its%20own%20needs.
google
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Yeah. And if you knew what you were talking about and how to actually use google you'd know we do not produce enough oil that we can process. It's why we export our oil, buy the cheaper oil we are set up to process.
The more you know.
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'member when those strategic reserve barrels were shipped off to China and managed by a company affiliated with Hunter Biden?
If you do you're a chud
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We're also running our reserves dry
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Yay!(boo)
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according to reddit, OPEC dropping production is clickbait. and corporate profiteering is to blame.
kek according to the world news jannies, its just an opinion.
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More drama if Biden
moves forward in banning US oil exports, with a big frick you to Europe 
as he tries to win the midterms.
https://www.bloomberg.com/news/articles/2022-09-30/white-house-to-meet-with-oil-producers-amid-gasoline-concerns
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Europe's being starved out from all sides kek.
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Maybe they need that oil to ship to Ukraine!
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what the frack?!
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Build your own global oil cabal
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Fun fact: Germoids (or more likely the foids) not only dropped out of nuclear, they also had a strong push against producing shale oil in their country and prevented it.
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the forever German, if they cannot rule the world they will destroy it
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by neutering their energy source? i'm not following ... seems like they only be destroying themselves at this point.
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Can’t wait for them to print 1,3 trillions euro for Poland
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Deutschlard
Germ
Mutt
All of these are better than germoid what the frick is germoid. Are you even trying?
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Kraut
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Darn sounds like some oil rich countries are crying out for freedom rn fr fr drop them fatass zoomers into Middle East no cap
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Maybe poorup can supply their own freedom for once. America is a net exporter and has been for a while.
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Then they shall perish
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Cutting production during a global recession is peak r-sluration. The predator drones need to fly.
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You choose a weak senile old man for prez and this is the consequence. It seems having control of dictators thru fear might be a better option than having allies love you cause not orange, hey?
AND the mean tweets will return, anyway. It's glorious
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I like how rightoid brains are so fried they think this is about about Joe biden.
Public education really failed you guys.
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Haha, the I love the most about leftc*nts the most is that you want all the power but none of the responsibility.
It's his fricking job, moron, to pick up the phone and get the Saudis to do America's bidding, not Russia's, lol.
And you can't even imagine that possibility! Leadership! Justice!
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You're literally too poorly educated to have this discussion. Come back when you have an above 3rd grade level understanding of how the world works.
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That's not answer, deadshit. That's what you call a stimpleton's grasping deflection.
Don't get me wrong, I am very happy Biden and his vapid supporters are in charge. It's way more fun slagging off self righteous hypocrites sucking their senile heros peepee than the moron trumperts.
Lol, imagine holding the position it's fine for your prez to be so weak the Saudis ignore him is a good thing, reality free , I love it
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Another braindead non-answer from rdrama's resident redditor. Your favorite p-dophile was bragging about lowering gas prices a fricking week ago. Now he it's magically not his fault again they're going back up? Of course the US president is relevant, you dumb frick.
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Trump would have got it done though. Leaders actually respected him
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Lmao
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Why do you think respect for another country's leader would cause people to make economic decisions against their own interests? OPEC is always at all times going to maximize their profits. Any "respect" they give is not going to change the numbers.
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Pizza is 100% right though. Some "stronger" president wouldn't do shit. OPEC is responding to market forces and intentionally asserting their dominance when they have the ability to do so. Unless you're blaming the global oil supply shortage on biden (which would be r-slurred) any response from the US would draw the same response regardless of how strongly it was worded. They hold the cards and don't give a frick what we think about it. It's not the first time this happened either try reading a fricking book
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Hahah, fricken heck you morons will do anything to ignore the patterns..
And better, cause you all have goldfish memory, you assume everyone else does too. Trump got opec to do what he wanted, Putin was too afraid to frick with Ukraine and rocketman wasn't rocketing. All changed.
And do you think the house of saud has forgotten all the Hollywood level vapid virtue signalling? Why would they help those c*nts? Just cause CNN has memory holed that, doesn't mean the Saudis have forgotten, fricken idiots, lol
But hey, I find it entertainment, unlike those blown apart, bled out in the mud Ukrainians sacrificed for less than two years of no mean tweets. But hey,who cares, right, orange man bad
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zoz
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Predditors are the one that are seething about this and some of think it was done specifically to hurt Democrats chances in the midterms
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Biden absolutely tried to pick a fight with the Saudis early in his administration over human rights issues. To his credit he did back off and tried to smooth to things over once he realized what terrible idea that was.
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They liked getting 100 dollars a barrel, lets be honest
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Yes + they can pay Russia 80 dollars a barrel so their oil will be like 120 dollars per barrel when they sell to europoorian
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Good we need to support hohols more. Can’t wait for my city to become 20% hohols this winter
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Remember killing opec members is your duty because they are bastions of the anti christ
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Noooo you can't call for violence!!
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Snapshots:
archive.org
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https://www.reddit.com/search/?q=opec&sort=comments&restrict_sr=on&t=day&feature=legacy_search:
archive.org
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https://old.reddit.com/r/worldnews/comments/xw9s6m/opec_heads_for_deep_supply_cuts_clash_with_us/?sort=controversial:
undelete.pullpush.io
archive.org
archive.ph (click to archive)
ghostarchive.org (click to archive)
https://old.reddit.com/r/stocks/comments/xwbgwl/opec_agrees_to_biggest_oil_production_cut_since/?sort=controversial:
undelete.pullpush.io
archive.org
archive.ph (click to archive)
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https://old.reddit.com/r/news/comments/xwcmh1/opec_announces_big_cut_in_oil_production_despite/?sort=controversial:
undelete.pullpush.io
archive.org
archive.ph (click to archive)
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https://old.reddit.com/r/politics/comments/xwd33l/opec_announces_it_will_cut_production_by_2/?sort=controversial:
undelete.pullpush.io
archive.org
archive.ph (click to archive)
ghostarchive.org (click to archive)
https://old.reddit.com/r/ukraine/comments/xwdg5u/opec_urged_by_russia_agrees_to_cut_production/?sort=controversial:
undelete.pullpush.io
archive.org
archive.ph (click to archive)
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https://old.reddit.com/r/neoliberal/comments/xwbcyo/opec_panel_recommends_2_millionbarrel_cut_to/?sort=controversial:
undelete.pullpush.io
archive.org
archive.ph (click to archive)
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Why don’t we own these countries again? We cannot mistreat their citizens worse than they already are, right?
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Have you tried taming an arab?
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No need to tame them, just steal their shit
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The Russians hacked the election and got Obama into office instead of McCain
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We did have a vote in all things OPEC, its called Saudi Arabia, the 2nd biggest member. The current King liked Trump so much he became a chud.
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It's barely been more than a year, zoomie
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We didn't try to own that one. We tried to let them own themselves. It was like letting the roomba choose its room.
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Biden doesn’t have a magic button to lower gas prices you idiots anyways gas prices went down because of Biden now what do you have to say conservative scum oh they went back up well it’s not like he has any control over it
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They must really want a red wave.
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Watch 159m Americans vote for Biden’s corpse
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Zombies for Biden.
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Or being energy independent, like we were not that long ago
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Brent only up 1.7%. Was already priced in and apparently they're already pumping 3.5 million barrels below target anyway.
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based OPEC+
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It's amazing how entitled Americans think they are to the resources of other countries, if you want a global economy that runs on oil then you have to deal with countries that have oil, sorry Cletus but you have to pay more.
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Only when we have cuck leadership running things. When Trump was in charge we had nice cheap gas. All those other countries can make their own shit if have a problem
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Why havent we taken over the Middle East yet? Its obvious those savages cant run a country by themselves.
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Good thing we're draining the strategic reserves!
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Carbros… not like this…
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this never would have happened if trump was president!!!!!!!!!!!!!!!
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can't we just threaten to nuke them if they try hold us hostage with no oil
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great time to have oil & gasoline CFDs
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